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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
 Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - the odds are clearly against the drybulk sector absorbing the current newbuilding orderbook. The size of the demand/supply mismatch will determine whether dry bulk shipping shall face a soft or hard landing. We all hope for a soft landing but we are bracing ourselves for a hard landing. Once bitten - twice shy!
In 2008, the BDI had reached 11,793 points on 20th May and it fell to 663 points on December 5th of the same year; the speed and the scale of this short-term "crisis" took the shipping industry by surprise. The recovery in 2009 has been also unexpected but welcome; restoring the confidence of all parties involved. Is what we are experiencing today "deja-vu"?
Some years ago, a charter rate of $18,000 per day for a modern panamax was considered to be very robust. Today, the same vessel is chartered at this level but, for some owners, this is NOT necessarily considered a good rate. In other words, we face the paradox that the current market can be interpreted at the same time good for some and modest or bad for other owners, depending on their investment position.
Although rates are well down from the high levels of recent years, historically they are still relatively good and should be profitable, so the market is not bad, but to those who have not been around for the last 20 years they seem low. We should not forget the fact that between 1985 and 2003, BDI ranged between 600 and 2,200 points....
It would be a shot in the dark to try and guess on where the market is heading. But, if the recent plunge of the Baltic Dry Index continues; it is almost certain that, at some point, vessel prices will be forcibly reduced to a level that will be in direct correlation with freight market conditions. Something similar to what the shipping market experienced at the beginning of 2009 - and who would want to lose out again on such a chance to buy low?
Chartering (Wet: Soft- / Dry: Weaker-)
No improvement was noted in the dry bulk market this week, as rates continued to fall across the board pushing the BDI to a more than 14 month low. The BDI today (13/07/2010) closed at 1,790points, a decrease of 50 points compared to Monday’s (12/07/2010) closure, and a drop of 337 points compared to last Tuesday’s levels ( 06/07/2010). Tankers also faced a second consecutive week of dropping rates as demand from the US and Far East continues to drop.
The BDTI, Monday (12/07/2010), was at 789, 35 points down and the BCTI at 812, a decrease of 6 points from last Monday’s levels (05/06/2010).
Chartering
With almost non existent activity noted in the iron ore trade and demand for coal remaining fairly weak, Capes continue on their downward spiral reaching now a more than 14 month low. The steep decline of the fall noted these past 2 months has severely depressed market sentiment making it hard for owners to fight of any further drop, while the large numbers of newbuilding deliveries entering the water every week provides charterers with more than ample tonnage to push rates down further.
Panamaxes continued to lose ground as activity is still at the low end especially in the North Atlantic. The was some improvement in the ECSA market as fresh cargo orders started to apear. However this seemed to be too little too late, as the number of prompt tonnage in the area provide charterers with the leverage they need to soften freight levels further.
A soft week for Handys as well in both the Pacific and Atlantic basins. The larger Supramaxes and Handymaxes mainly saw activity in ECSA as well as off India were some fresh enquiries started to appear. Smaller handysize vessels looked to perform worse this week as activity in the Black Sea/Cont regions dropped further.
Source: intermodal (by Tasos Papadopoulos)
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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
Thursday, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
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- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
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- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- The University of Queensland
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
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